Petrofac extends forbearance deal on senior secured notes

18th Nov 2024 08:52

(Sharecast News) - Petrofac announced an extension of its forbearance agreement regarding the non-payment of interest coupons on its senior secured notes on Monday.

The London-listed firm said the agreement, originally set to expire on 15 November, had been extended to 13 December.

It said the extension covered the missed interest payments due on 15 May and 15 November this year.

The agreement involved an ad hoc group of noteholders representing around 47% of the outstanding senior secured notes, alongside additional acceding noteholders.

Petrofac reiterated its commitment to advancing its proposed financial restructuring plan, with the board and management continuing to work on the process "at pace".

At 1007 GMT, shares in Petrofac were down 0.59% at 11.23p.

Reporting by Josh White for Sharecast.com.